yeah i heard about it too, not a smart move i would say.

all of the offshore companies probably can't wait to get their hands on the us clients.

there will probably be some us brokers who will move their business offshore to protect their clients, i don't think they're going down without giving a fight.

I think this will happen and this will not only close the US retail forex industry, but close it to the US citizens.

Rest of the world doesn't want US clients anymore. I've had this conversation with a few Americans now. They struggle to open new trading accounts. Mostly only a real bucket shop will take them.

But clearly I need to move my accounts now.

Well, I got some serious comm's from IBFX. The US forex companies are getting organized. They're going to fight. To me its like farting against thunder. No point, US goverment just going to steam roller them.

I think the agenda here is bigger than a small minority fx traders. They're moving for some bigger picture.

I guess I need to move. It's become such an unstable environment to try operate in. Only going to get worse. And I think London will follow in some way.

The east is calling my portfolio. Stupid farangs have gone nuts. I can say that of course, because I'm one.

But I know Hong Kong will be less inclined to buckle to US like the Swiss did and at the moment seem more stable an option than the West.

I'll rather set up my shop in Singapore and Hong Kong I think.

Basically I want a stable business environment. The new rule every 2 seconds thing is not on.

at least it will be valid 4 months from, as I chat with one of IBFX representative

=-=-=-=-=- Comment from another message board -=-=-=-
Dear Lawrence,
Asaf also commented on 'required to house $1000 in the margin in order to trade 1 single mini'
'Everyone is focused on the 10:1 leverage and are missing the big change:

'Subject to certain exceptions (e.g., for certain regulated financial intermediaries not under the Commission ’s jurisdiction as established in the CRA), the Proposal would require persons offering to be or acting as counterparties to retail forex transactions but not primarily or substantially engaged in the exchange traded futures business, to register as retail foreign exchange dealers (“RFEDs”) with the CFTC. Registered futures commission merchants (“FCMs”) that are “primarily or substantially” (as defined in the Proposal) engaged in the activities set forth in the Act’s definition of an FCM would be permitted to engage in retail forex transactions without also registering as RFEDs.'

This means that if a foreign broker wants to offer trading services to US customer he needs to be registered by the CFTC which means it needs to comply to the rest of the restrictions - so if you were thinking - 'I will just open an account with a Foreign broker ...' Think again because these brokers will not accept US customers after this bill has passed.